French luxury goods magnate François Pinault paid $16.5 million for a 6,400-square-foot home in Bel Air, an exclusive section of Los Angeles, according to two people close to the deal. The seller was Ronnie Sassoon, widow of hair industry tycoon Vidal Sassoon.

Known as the Singleton House, the home was built by noted architect Richard Neutra in 1959, having been commissioned by industrialist Henry Singleton. It is located up a 300-foot-long gated driveway on a 5-acre knoll that overlooks the city below, from downtown Los Angeles to the Pacific Ocean. Read More »